A south coast-based entrepreneur who attempted to buy Comet out of
administration is looking to bring the electrical retailer’s name back to
the high street.

Clive Coombes says he plans to launch a new retailer called Meridian Comet that will have up to 80 high street stores.

Comet collapsed into administration last November with all its 235 stores around the UK closing. Henry Jackson’s OpCapita and its backers, which owned the company, have so far recouped £54m from the collapse.

Mr Coombes believes he has identified a gap in the market for a new chain operating smaller high street stores, as opposed to Comet’s out-of-town sheds, with leisure elements such as free soft drinks and areas to try games consoles.

The entrepreneur intends to open the first stores later this year, with eight to ten stores opening every three months until the company has up to 80 stores within two years. The business will be focused on the south of England and the midlands.

The Comet brand itself remains in the hands of Deloitte, which handled the company’s administration.

Mr Coombes’ new venture has been created through the merger of two separate entities under his control, Meridian Wholesale Ltd and Comet Electrical Distributors Ltd.

Mr Coombes is looking for investors to buy shares in the venture to fund his plans. He eventually wants to list on Aim.

On the company’s website, Mr Coombes says: “The UK market for white goods and multimedia equipment is enormous, valued in excess of £3.8bn annually and growing, so it doesn’t take a genius to realise the void.”